(NZ) 2017 End-of-Year Tax Procedures

Release Date: 03-Mar-2017

Author: Justin C

End-of-Year processing will generateCertificates of Earningsfor each employee to show their Gross Taxable Earnings, PAYE etc. for the financial year. Any employees who wish to complete a tax return may need this information. In addition to the Certificate of Earnings, other useful year end reports available are the ACC Premium Report and YTD Summary Report.

There will be a charge on your April invoice for End-of-Year Processing. This charge is based on70 centsfor each employee paid in the financial year and covers reports, certificates and the additional processes required to ready the file for the new financial year.

End of year processing for2016/2017will occur automatically during the first pay-run that has a payday that falls in April 2017, with the direct credit release date determining when the payday occurs. The actual period-end date of a pay-run does not influence this decision.

When a pay-run is deemed to be the first for April 2017, all End-of-Year processing for that company will be actioned as at the previous pay period.

Examples:

A pay-run with a period-end date of 27th March 2017 is given aDC Date of 31st March 2017:

· The pay-run will be included as March in the 2016/2017 financial year.

· No End-of-Year processing will take place.

A pay-run with a period-end date of 27th March 2017 is given aDC Date of 1 April 2017:

· The pay-run will fall in April with end-of-year reports printed prior to processing the pay details.

· This payroll will be the first of the new 2017/2018 financial year.

It is Important That You Are Aware of Which Financial Year a Pay-Run Should be Included.

If you require adjustments for the 2016/17 financial year and you have already run your last “Live” pay-run for that year, then the adjustments must be in a manual pay run:

With a Direct Credit Date of 31 March 2017 or earlier.

The direct credit date of the adjustment run is critical to ensure that the pay run will fall in March. If the DC Date of the adjustment run is 1 April or later, they will be included in the new financial year.

If you have any further questions, please do not hesitate to call the help desk on0800 856 856between8:30am and5:30pmMonday-Friday, where one of our consultants will be glad to help.